A man trying to vault over an iron fence yesterday became impaled on a spike and was left dangling upside down, blood gushing from his gored leg, as a friend tried to hold his body up and rescuers frantically worked to cut him free.

The 28-year-old, whose name was not released, apparently had been drinking with the friend when they decided, at about 7:30 a.m., to take a shortcut through a parking lot at 94 E. First St. to a diner, police said.

His jump over the iron fence with its 1-inch-wide top spikes fell short, impaling his lower left leg.

After a torturous 10-minute extraction by rescuers from the police and fire departments, the man was rushed to Bellevue, where he was in satisfactory condition last night, a spokesman said.

“I saw him hanging, and there was a guy holding on to him before the cops came, holding him up,” said Joseph Okolie of Queens. “I couldn’t watch. I thought they were filming one of those horror shows.”

Emergency Medical Service rescuers were the first to arrive, giving the impaled man oxygen and intravenous fluids.